Two Cheers for Credit Suisse

Vindication for Brady Dougan? Credit Suisse's chief executive has waged a long campaign to convince a skeptical market that the Swiss bank could cut it in a capital-light, Basel III world. A first-quarter return on equity of 16% excluding one-time items and a 23% return from the investment-banking division would appear to settle the question. But two, rather than three, cheers are in order.

Mr. Dougan can certainly take satisfaction from the performance of the investment bank. Revenue of 3.9 billion Swiss francs ($4.13...